China, US agree to form working group to solve trade issues

China and the US on Monday agreed to set up a working group to seek solutions to specific issues on commerce, Beijing announced.

According to a statement by the Chinese Commerce Ministry, the working group will be composed of Chinese and US government officials at the level of vice ministers and directors, as well as business representatives.

The agreement came during a trip by US Commerce Secretary Gina Raimondo, who began her visit to China with a meeting with Chinese Commerce Minister Wang Wentao on Monday.

It is the first trip to China by a sitting US commerce chief in seven years.

The working group will hold vice-ministerial meetings twice a year, with the ministers committing to regular communication and an annual meeting, said the statement.

The duo held "rational, candid and constructive" talks regarding economic and trade relations as well as shared concerns in this domain, it also said.

“China is willing to work with the US to create a sound policy environment for business cooperation between the two countries and promote bilateral trade and investment based on the principles of mutual respect, peaceful coexistence, and win-win cooperation," Wang said.

However, the Chinese side expressed “serious concern” over the US tariffs on Chinese products, semiconductor policies, investment restrictions, discriminatory subsidies, and sanctions on Chinese companies.

Wang stressed that “generalization of national security” is not conducive to normal economic and trade exchanges.

"Unilateral protectionist" measures go against fair competition and market rules, risking global supply chains and industrial stability, he added.

“The US has repeatedly stated that it does not seek to decouple from China, and (China) hopes that the US will implement its statement,” said Wang.

Raimondo, who arrived in Beijing on Sunday night, is also expected to meet Chinese Premier Li Qiang and Vice Premier He Lifeng, and is scheduled to visit Shanghai on Tuesday and Wednesday.

Early this year in May, Raimondo and Wang met for two days in Washington.

Raimondo is among four high-ranking US officials to visit China since June.

US Secretary of State Antony Blinken, Treasury Secretary Janet Yellen, and Special Presidential Envoy for Climate John Kerry are the other three officials who visited Beijing and held high-level meetings.

Blinken paid a courtesy visit to Chinese President Xi Jinping too.